Elite Commercial REIT to complete €244m maiden portfolio acquisition

Elite Commercial REIT Management Pte. Ltd., the manager of Elite Commercial REIT, has announced its Elite U.K. Commercial Fund II made a £212.5 million (€244 million/$297 million) acquisition of 58 commercial buildings located across the United Kingdom. The seller was Elite Bushel Holding, a subsidiary of Elite U.K. Commercial Fund II.

This will result in PartnerRE being the largest investor of Elite U.K. Commercial Fund II, holding approximately 23 percent of the REIT’s enlarged share capital. PartnerRE is a leading global diversified reinsurance firm, with more than $9 billion in total capital.

Shaldine Wang, CEO of the manager said, “We are encouraged by European institutional investor PartnerRE’s commitment and support for the REIT’s maiden portfolio acquisition. PartnerRE’s decision to roll over their investment in the portfolio of 58 quality commercial properties across the United Kingdom into Elite Commercial REIT is a display of the confidence in t